Latest / The Curve / The Reason the World’s Most Legendary Investor Is Not Investing Right Now.

Transcript

The Reason the World’s Most Legendary Investor Is Not Investing Right Now. · The Curve

0:01
Welcome to the Curve Weekly, where we read the finance news so that you don't have to.
0:05
I'm Vic Harris.
0:06
I'm an ex-fund manager and a financial expert.
0:08
And I'm Sophie Hall-Wright.
0:09
I am not a finance expert.
0:10
I am learning alongside you and asking
0:12
all the questions that you wish you could.
0:14
Coming up in today's episode, we have a bit
0:16
of an update on Bitcoin, AMD, and gold as well.
0:20
The world's biggest, most legendary investor is
0:24
sitting on the most cash that he ever has, $382 billion.
0:28
So we talk about what does that mean?
0:30
and what does it mean for the sort of decisions that you should be making around your investments.
0:33
And we discuss perhaps one of the biggest changes in the UK right now in terms of financial education.
0:39
And lastly, there is something very sad happening in New Zealand.
0:43
It's a big deal, and we're going to talk about why that is going to impact the economy and people's wallets.
0:48
But before we dive in, we're talking about some very famous people.
0:53
How are you feeling, Soph?
0:57
You sound sexy.
0:59
Do you think?
1:00
I feel like I sound nasally, which is not sexy.
1:02
Yeah, yeah.
1:03
So I went to this summit yesterday that we were invited to,
1:07
and it was at this, I can't even remember what it was called.
1:09
You know, it was really.
1:10
Vermont Windsor Park.
1:11
Yes, yes.
1:12
And it was near where the royals go on holiday.
1:15
So we went for like a walk to see, and you could see the castle.
1:18
There was honestly what looked like 10 kilometers down this like narrow path
1:23
with this ginormous castle at the back.
1:26
and I was just like, imagine if that was your summer home.
1:31
You know, it was like the biggest, most beautiful building I've ever seen.
1:34
I love the country.
1:36
Oh, it was so stunning.
1:37
I really feel like I'm where I belong in the English countryside.
1:41
I agree.
1:42
I think it's my heritage, yeah.
1:44
You know the film The Holiday?
1:47
Oh, yeah, yeah.
1:48
That when Kate Winslet had her moment in the cottage,
1:52
oh no, sorry, Cameron Diaz had her moment in the cottage.
1:54
Oh, yeah, yeah.
1:54
That was the moment I fell in love with the English countryside and I thought I need to move to meet my due law.
1:59
Oh my God.
2:00
I feel like the English countryside people must be like, oh, the holiday.
2:04
It sucks out here.
2:05
Don't even think about it.
2:07
It is very cute.
2:08
It's so close to London, to be honest.
2:10
Must go out there more.
2:12
Do you know what's interesting?
2:13
I noticed this about myself, though, at this conference.
2:15
So there was so many really smart people who were founders or investors, you know.
2:19
And I noticed like when I used to work in radio or media and we would be interviewing like famous people, you know, like actual like Dua Lipa or Justin Bieber, you know.
2:30
And at the time that was kind of scary and intimidating.
2:34
And now I think if I saw someone famous in that way, I wouldn't be nervous or care really.
2:41
But I was so nervous talking to these really successful people.
2:45
I was like, wow, it's really interesting how my like what I maybe what I value has changed or what I admire has changed because I was just like having to build up the confidence to be like, hi.
2:57
I was like, wow, this is pathetic.
2:59
There was all these amazing entrepreneurs and all these amazing men.
3:02
And I just and they were all way older.
3:04
And I was like, I have nothing in common with these people.
3:06
And I also it's really hard to explain.
3:08
I was quite intimidated by the people that were there.
3:10
Whereas if I was in a room full of famous people, I think I would be less so.
3:14
I was at the pub
3:14
with this famous
3:15
what
3:16
girl
3:17
this one
3:17
I love her
3:18
yeah she was so beautiful
3:20
I can never say her name
3:22
oh Saoirse Ronan
3:23
Saoirse
3:23
Saoirse
3:24
Saoirse
3:24
I see famous people
3:25
all the time
3:26
I love it
3:26
I feel like I'm living
3:27
in a movie
3:28
I think here
3:29
people care less
3:30
no one's gonna go up
3:31
and be asking for
3:33
I was sitting next to
3:34
Paul Mezcar once
3:34
in a bar
3:35
and I was
3:36
this close
3:38
to saying something
3:39
and it would have been
3:40
what would you have said
3:40
it would have been
3:41
the moment I regret
3:41
most in my whole life
3:43
like what's Gracie Abrams like no this was pre them dating pre them dating I wanted to I was like
3:48
oh my god it's actually so cringe to think about in hindsight so I was there with my friend Ollie
3:53
who was like very direct anyway I floated the line that I was thinking it's because he went
3:58
to the toilet and I was like I think I'm just gonna ask him this and Ollie was like for the
4:03
love of god do not promise me you will not say that and then I thought about it the next day
4:08
and I was like I'm so glad I didn't and you have a bit of liquid courage and you're like no
4:12
It's a great idea.
4:14
He would have been like, oh, another chick trying to hit on me,
4:17
but trying to masquerade by trying to seem normal and don't care about the fact I'm famous.
4:21
Like it was not good.
4:22
I nearly sat on Lorde.
4:23
I did sit on Lorde at a bar.
4:25
I was trying to squeeze him in a seat and I was like, excuse me.
4:27
And then I accidentally sat on this person and then I was like, oh my goodness.
4:32
Are you joking?
4:33
Everyone at the table could see who it was, but I obviously just was a bit delayed registering.
4:39
And I just sat next to her and I was like, oh my goodness, this is all good.
4:41
anyway yeah oh my god she's actually playing in london in a few weeks i know tickets too expensive
4:47
i got my budget i was given some nice i know it's a date and i have a plus one and i'm like who do i
4:53
pick oh my god fun like i how did you get given them i'm friends with and my friend dates someone
4:59
who's in her band but i now i feel like i have this like god's gift and i'm like who deserves it
5:05
you know do i give it to it does my sister get it as her birthday present um my birthday is coming
5:11
are you into her music yes may k vitkiel you're on the top of the list can she not do another
5:16
concert like it sells out so quickly like okay olivia dean she has sold out six shows at the o2
5:25
which is like insane and like lord's done one come on give us another maybe she's embarrassed
5:30
i won't sell out yeah i know but so i'll buy it i'll buy one ticket i'll have the stadium to
5:34
myself so okay so you're a fan yes she's a kiwi i remember at coachella she was playing
5:41
she was playing at Coachella
5:41
and I climbed
5:43
you know those rungs
5:44
you know those things
5:45
where they
5:46
stop shows
5:46
and like
5:47
security get you down
5:48
I climbed
5:49
no you didn't
5:50
I swear to god
5:51
I climbed up there
5:52
and I was hanging off
5:53
well you're like
5:53
sorry for sitting on you
5:54
I was hanging off
5:54
and security was like
5:55
get down
5:55
get down
5:56
and I was like
5:56
I'm a Kiwi
5:57
and he was like
5:59
okay okay
6:01
and then he let me there
6:01
for like five minutes
6:02
and he was like
6:02
okay down
6:03
the song ended
6:04
and he was like
6:04
down down
6:05
why didn't he let you say that
6:05
it's quite cute
6:06
well he couldn't get me
6:07
you know
6:07
like it's like a shame
6:08
but yeah
6:09
it was like my rationale
6:10
I'm a Kiwi
6:11
and it was when she was
6:12
popping off
6:13
like we were so far back
6:14
I couldn't see a thing
6:15
okay I think
6:16
I think you're up there
6:17
you're top two
6:17
choice
6:19
in the markets
6:19
what's happening
6:20
in the markets
6:21
had a little blip
6:22
in the market this week
6:23
how blippy
6:24
it's so funny
6:24
I prepped for this
6:25
in the markets falling
6:27
and then you wake up
6:27
and it's kind of
6:28
gone back up a bit
6:28
and you're like no
6:29
but we had
6:31
AMD
6:31
so that's the number two
6:33
to Nvidia
6:34
Nvidia
6:35
they had their result out
6:37
investors were a bit disappointed
6:39
we've also had now the longest government shutdown in history gold has also started to go back up
6:46
bitcoin is now down 20 it's below a hundred thousand you're really throwing a lot of top
6:51
lines here no i know this is kind of so there's a lot this is there's a lot that's like lead to
6:56
what people kind of thought would have been a bit of a bigger sell-off a bit of a bigger fall in the
7:02
markets but they've kind of recovered a bit so yeah it's a bit of a non-event but we're in a
7:07
position now where I feel like any little thing could kind of grow things out of whack.
7:14
Does that
7:14
make sense?
7:15
Can we just backtrack for one second?
7:17
Because I feel like all of those things, it was
7:19
like headline, headline, headline, all the things I wanted to know more about.
7:23
And you just moved
7:24
very swiftly along.
7:25
Yeah.
7:26
So why were people disappointed with AMD?
7:28
Had they not sold enough
7:30
chips or something?
7:31
No, just the share price had run so much.
7:33
So the expectations are here.
7:34
Yeah.
7:35
And the result probably came in about here.
7:37
And this is what we spoke about last week with the whole bubble, right?
7:39
It's like, are people able to keep up with the expectations?
7:42
But then the results kind of showed people like that's disappointing.
7:45
And it's like when a company delivers 100% revenue growth, but people were expecting
7:51
150.
7:52
It's still amazing, but it's not what people had expected.
7:56
And the share price is a reflection of expectation for the future.
7:59
Okay.
8:00
Gold went up.
8:01
Yeah.
8:02
And we know gold is a safe.
8:04
Oh yeah, when people freak out, they're buying gold.
8:07
So that's really good.
8:08
The fact that the market fell, gold went up.
8:10
That's what we should see because people are uncertain and it's a safe place to keep your
8:14
money.
8:15
Okay.
8:16
And then Bitcoin was down 20%.
8:18
Yes, Bitcoin has been falling a lot.
8:21
Love this.
8:22
And if you think about it, no one's talking about it.
8:23
Yep.
8:23
Great.
8:24
Perfect.
8:24
Guys, everyone listen.
8:26
If you are into Bitcoin, I've been sitting here waiting for this to happen for ages because
8:33
I've just I knew it was going to go down again I think I'm going to start buying bitcoin if it
8:38
keeps going down I'm fine with that I actually would want it to go down more were you buying
8:43
in June I don't have a lot of money right now and also is was June when it was doing really well
8:49
no June's just where when it was back at the price it's at now I think what's happened here
8:53
is unfortunately I rely far too heavily on you and your research to tell me what to do with my
8:58
investments and you haven't told me the times where it's been dropping.
9:03
So I've missed those
9:05
moments.
9:06
And then we talk about it when it's peaking and I'm like, damn it.
9:09
So this is,
9:10
you know, it's, I'm low key blaming you, but what I'm trying to say here is I'm really glad that
9:15
you brought up the fact that it is going down because most other financial news platforms
9:22
don't really highlight it in a similar way.
9:24
It's you're right when no one's talking about it.
9:27
it's like the secret bargain that people don't know about.
9:30
I'm stoked about this.
9:31
I feel like
9:32
it's been maybe nine months of me thinking, damn, it's so high.
9:35
I can't bring myself to buy it,
9:36
which I know is not the mentality to have.
9:38
Buy and hold, blah, blah, blah.
9:39
But Bitcoin's so erratic.
9:42
It goes so up and so down.
9:43
So I was kind of like, there will be a moment to come back in where it
9:46
doesn't make my skin crawl buying it so high.
9:48
And I feel like that moment is now.
9:50
We actually got a
9:51
comment from Shannon.
9:53
She was listening to the podcast on, I think, Spotify, and she just wrote,
9:57
thanks so much for the bonus, it would be awesome to do an episode or even a whole series just on
10:03
Bitcoin.
10:04
It'd be cool to have a Bitcoin expert on Dive Deeper.
10:07
FYI, Bitcoin and crypto are very
10:09
different, so it's worth keeping them separate rather than using the same terms interchangeably.
10:13
Well, yes, Shannon.
10:15
I didn't realize that.
10:16
Hold on, Bitcoin and crypto.
10:19
rude she wants a bitcoin expert
10:24
no Shannon we get it we know yes this is not our area and cryptocurrency different bitcoin is a
10:29
type of cryptocurrency it's the most common it's like it's like saying the s&p 500 and one company
10:36
in there yeah right so the blanket um terminology for cryptocurrencies is crypto yeah bitcoin is a
10:43
cryptocurrency there's like yeah there's thousands of cryptocurrencies yeah Shannon I would love to do
10:50
an episode or a series on bitcoin I know I speak for not Victoria when I say I'm interested in
10:57
crypto you're not so much but actually it could be quite interesting for you to be in those
11:00
conversations to see if it changes your mind yeah we had an expert on a couple of years ago Janine
11:05
from easy crypto and she was great but obviously things have changed and it would be really good
11:11
to get a sense check for like how a sense check for how interested people are in crypto and bitcoin
11:18
perhaps comment any questions or topics that you would like to have covered and we will find the
11:24
right person to come on for that because i think it would be a really i think it'd be a really
11:27
interesting time if it's falling to start highlighting it rather than doing the opposite
11:32
it'd be quite interesting to see put out an episode on crypto when it's falling and then
11:36
that's kind of what i mean and then an episode when it's doing well and i reckon you get so
11:39
many more listeners when it's doing well but the smart ones would be the ones that listen when it's
11:43
going down i think all of our listeners are very smart they are very smart yeah they know what
11:48
they're doing yeah um yeah you sometimes you like to get like fomo i really do i sort of like jump
11:53
between being clever and looking for sales and having massive fomo that's all right it takes time
11:58
to learn to be like me speaking of experts warren buffett oh one of the most famous and
12:07
Cute looking.
12:08
We should get a mural of his face just behind us.
12:11
Yeah.
12:12
Love him.
12:13
He has.
12:14
Is he working still?
12:15
Yeah.
12:15
Didn't he retire?
12:16
He announced his, what do you call it?
12:19
Like a transition.
12:20
So he's in the middle of his transition.
12:21
Oh, Berkshire Hathaway.
12:21
Yeah.
12:22
Yeah.
12:22
Harming it over.
12:23
Succession, sorry.
12:24
Yeah.
12:24
So Berkshire Hathaway, which is his investment company, has $382 billion of cash just sitting
12:31
there.
12:32
That is a lot of money to not have invested when you're an investment company.
12:35
Imagine the interest on that that you could get, even if you're getting 1%, 2%, 3% return.
12:40
Anyway, he is sitting on the biggest cash pile he has ever sat on in terms of his investment company.
12:48
If that is not an indicator of a bear market or the market about to fall.
12:54
Hold on.
12:55
Bull goes up at its prey, right?
12:59
Bear goes down.
13:00
So bear means we're heading downward.
13:02
Yeah.
13:03
Is this like a big indicator that we are heading down a slope?
13:06
I mean, he's always had a lot of cash, but this is the world's most famous investor is
13:12
not investing right now.
13:14
Like, what does that tell you?
13:15
It tells you that he thinks that things are too expensive.
13:19
He can't see opportunities.
13:20
There's no good places to put that money.
13:23
And the best place is to keep it in the bank.
13:25
I mean, I'm kind of doing Warren Buffett right now, but it's just because I have no money.
13:28
I was like, if you have 382 billion, girl.
13:31
Wow.
13:32
Yeah.
13:32
So if he's not buying, should we be buying?
13:35
Maybe not.
13:36
I haven't been investing for about six months.
13:38
And I know that's naughty.
13:39
No comment.
13:40
I know that's naughty, but A, we don't pay ourselves enough to have much left over.
13:45
B, I put money into property.
13:49
So that's kind of been my investment of choice recently.
13:53
The one thing that's making me want to invest is Bitcoin.
13:55
That going down is making me want to invest.
13:57
No, but his stock, so the Berkshire Hathaway stock,
14:01
it has invested in a lot of kind of old world companies so like railroads insurance like
14:07
kind of boring stuff and therefore when the market does have a correction
14:14
his stock so the stock in his investment company does tend to do well so if you're wanting to
14:21
have a few maybe more defensive names in your portfolio right now okay my question here is not
14:27
advice but I'm like if Warren Buffett is a long-term investor the way he invests is he
14:34
buys and holds for a really really really really long period of time why would he then be trying
14:39
to time the market by having money in like the way I'm interpreting this is that he's sitting
14:44
on money to find a time where it's a better time to be investing he's not timing the market he
14:51
invests or purchases companies that he thinks are attractively valued and he doesn't think
14:55
there's attractive valuations right now on companies.
14:58
So he thinks that all companies,
14:59
well,
15:00
most companies are very expensive compared to history.
15:04
And so therefore he's just waiting there for a company to stuff up or a
15:08
company to not do well,
15:09
or a new opportunity that's at an attractive price.
15:13
It's not that the whole market's going to fall and he's going to pile in.
15:16
Like he is sitting on cash that is bigger than the entire size of Goldman
15:23
sex of coca-cola of shopify of disney like he could buy those whole companies and swallow yeah
15:31
so when he moves it's not with a little move you know what i mean so like you know when netflix had
15:38
its issue and it was kind of post-covid it had this big rush up of people purchasing netflix
15:44
because we're stuck at home and then it had this big lull where it had very low growth of of users
15:50
and of revenue, that would have been, if it had got to a point
15:54
where Warren Buffett had seen it as an attractive investment,
15:58
that would have been the time when he would have jumped in.
16:00
So it's not when the whole market falls off.
16:02
I mean, that could be, probably would, but it's when a company,
16:07
he thinks, could be doing a lot better than it is right now
16:10
and still has potential.
16:11
Okay.
16:12
But we got asked actually whether Warren Buffett
16:15
and Berkshire Hathaway would participate in the OpenAI IPO
16:20
and my thinking is no he hasn't invested in pretty much any tech companies because he doesn't
16:25
understand technology for anyone that doesn't know he's like nearly 100 he invested in apple
16:29
and that was like whoa you know but he was like well it's a consumer company essentially also
16:34
if his whole thing is he's wanting to buy businesses that are valued appropriately
16:40
surely open ai is going to be jumping onto the scene at a very high valuation like it's always
16:45
the opposite of the way he invests, right?
16:47
Yeah.
16:47
And you're right.
16:47
He's a long-term investor.
16:48
So
16:49
he would sit in the sidelines and he'd be like, you know what?
16:51
Yes, I may have missed out on buying
16:53
that company and it's done really well, but you know, the companies that he's invested in have
16:57
been around for a long period of time.
16:58
They've had ups, they've had downs.
17:00
And I think it's a
17:00
really good lesson is that, you know, if an IPO does really well or Bitcoin does really well,
17:06
something does really well, like the world changes every single day, there, I guarantee you will be
17:12
another time that you can purchase that company or that asset.
17:16
Bitcoin.
17:17
Yeah.
17:19
But anyway, yes, you're right.
17:20
Warren Buffett is being succeeded soon.
17:23
So would he make a big ballsy move right now?
17:26
Probably not.
17:27
Would his successor?
17:28
Probably not because he just wants to like, you know,
17:31
let's just have the status quo.
17:33
We don't want to rock the boat.
17:34
So I don't know.
17:35
Surely if he was going to make a big call like investing in OpenAI,
17:39
he would be doing it while he's there so he can front the decision rather than
17:43
yeah leaving his successor in the wake of like what the f**k you up to but i'm sorry if you've
17:47
categorically said that i don't invest in tech companies because i don't understand and then
17:52
you go invest in the newest technology on the planet people will be like you okay you okay hon
17:58
yeah you know like it's a bit rogue is what i'm saying and this is what's made warren buffett so
18:05
successful he has stuck true to his investing strategy from day one right okay yeah so let's
18:10
not go be making some big bets when you're 95 warren i don't think that's a good idea yeah yeah
18:15
yeah yeah but i think that his he you know he's invested a certain way for a really really really
18:19
long period of time and it's been very successful yeah exactly yeah and then that's the thing it's
18:24
like as soon as you start changing that yeah it's as soon as you know we invest for the long term we
18:29
take long-term views as soon as you start investing for quick wins it doesn't work your
18:35
investing strategy doesn't work as soon as you change something that's been tried and true for
18:38
so long it's also it's kind of like if someone is known for making really really good pizzas and
18:44
then all of a sudden they try making pies yeah and they're shared yeah like well i i trusted you
18:48
because i liked your pizza and now your pie sucks you know so if he's got i mean i don't even his
18:55
cash pile 382 billion but like the amount that his company is worth berkshire hathaway and the
19:02
amount of people that have invested in that business because they believe in his strategy
19:05
because that's what he is known for for him to all of a sudden start making pies would be
19:10
scary for a share price but also if i thought that the stock market was going to fall and i
19:18
was really concerned about the future this is a company i'd want to invest in they're holding
19:24
382 billion in cash.
19:26
Wait, why would you invest in that?
19:27
Because if the market falls, they've got so much
19:29
cash.
19:31
Do you know what I mean?
19:31
And that's a good thing because then they're getting
19:33
things at a cheaper price.
19:34
Well, no, they're
19:36
protected from moves.
19:38
Oh, because so much
19:39
of their money is not in the stock market right now.
19:42
If it falls, their share price will still
19:43
be okay.
19:44
Yeah, and then also
19:45
they've got ammunition to then go and
19:47
invest.
19:48
What I'm hearing here is
19:49
a few very good opportunities that we've been speaking
19:51
about.
19:53
Subtle.
19:53
Love it.
19:54
Yes.
19:56
Also, some fantastic news in the UK this week.
20:01
From September 2028, not that long away.
20:05
Wait, do you mean a year?
20:07
Two years.
20:08
Oh, God, I was thinking the 28th of September.
20:10
So, sorry, September 2028.
20:12
In two years' time, financial literacy will be compulsory
20:16
for all primary and secondary school students in England.
20:20
No way.
20:21
I know.
20:22
that's amazing i know holy shit so yeah kids are gonna learn about like money management
20:28
i know is that not a part of the school system it is absolutely i would go as far as saying
20:37
barbaric but we've been harping on about it for so long for five years in new zealand and very
20:44
little change has come in new zealand and this has come in england from pressure from the parents
20:49
so yeah if you imagine if you think about our listeners who obviously did not get that
20:54
in school and some may be lucky enough to have had it from their parents but imagine how fast
20:59
tracked this like the learning curve would have been for people listening to our podcast or getting
21:04
to the place where they're splitting their pay properly or investing if you knew that from age 10
21:10
you are miles ahead of where we are like i if it wasn't such a foreign concept to learn about
21:17
things like compounding interest and blah blah blah it took me so long to understand the basics
21:23
if it was just known from the beginning and you just grew up learning this stuff
21:28
you would you wouldn't be scared of investing you wouldn't you would be so like it's it's funny
21:33
there was another podcast that was talking about this in australia and australia is actually
21:37
probably one of most forward in terms of this still like very it's still optional and voluntary
21:42
but to teach this but they're miles ahead of new zealand and the uk but they were like there was a
21:50
bit of backlash and they were and a lot of comments were saying that it's it's on the parents to teach
21:53
kids this it's not because the parents don't know how to teach it i was like but what parents haven't
21:58
been taught it's generational like and their parents haven't been taught it and so like in
22:01
order to break the cycle that needs to be taught in schools it needs to be it is education too
22:06
it's not like you're not teaching a kid how to brush their teeth at school it's not manners
22:10
It's like you're teaching them actual life skills.
22:13
It's education.
22:14
Which is an extension of math and business and like all of that.
22:19
It's just, you know.
22:20
I mean, I learned how to make dog food at school.
22:22
I learned the recorder.
22:24
Do you imagine being the teacher and teaching 20 children blowing into some plastic, annoying-sounding thing?
22:30
It would be.
22:30
And the dribble that dribbled out the end.
22:33
Oh, my God.
22:37
That's actually feral.
22:39
Oh my god
22:41
And then we'd just shove it in our school bags
22:43
Oh god
22:45
Can we just backtrack
22:46
Why were you taught to make dog food?
22:49
I was doing food tech
22:51
Oh yeah
22:52
And it was, I don't know why we were making
22:55
Dog food but that was the project
22:58
And I was
22:59
I was having to make nutritious
23:01
Food for dogs
23:02
I think I made like little sausage roll looking things
23:05
I loved school, I loved science
23:07
I just kept lighting shit on fire
23:09
quite a pyro you know it's like i wonder if i do this this one's the bunsen burner yeah anyway yes
23:14
financial literacy this is the latest overhaul in like the last 10 years of the curriculum in the
23:19
uk so this is major this is major major major so is it now going to be compulsory for all students
23:26
and if you think about it like students are making online purchases they're like very much
23:32
need to know like basic money management and all of that like yes you might be like oh but they're
23:36
They're not getting paid.
23:37
They don't have a paycheck.
23:38
But there is so much more before that that you need to learn in terms of just even saving, spending, investing.
23:47
Like those three buckets from day one are like so incredibly important.
23:50
So this is coming in in two years' time.
23:51
Yep.
23:52
That's a pretty quick turnaround.
23:54
Yeah.
23:55
I wonder if in the future all of those kids, will everyone have a specific way that they manage money based on how they learned at school?
24:00
You know?
24:01
Yeah.
24:02
Because we all teach different ways of managing your money, of investing.
24:07
Everyone has a different approach.
24:08
So to find one that's kind of this is what we're teaching everybody,
24:11
I wonder if it will stick.
24:12
Yeah, you're right.
24:13
Because like maths is very much like one plus one equals two.
24:15
Yeah.
24:16
And no science.
24:17
And whereas like when you get to history,
24:19
like depends what version of history you're taught in school
24:21
is what you kind of grow up to believe or like.
24:23
Yeah, you're right.
24:24
Like, I mean, we talk about essentials, non-essentials and your future money.
24:29
imagine if like millions of kids are learning just about i don't know bucketing their money
24:35
into five i don't know like it'll just be interesting to see like what is the tried and
24:41
true method that they choose to teach that generation a lot of our audience probably
24:46
older than 25 right yeah they probably learned the recorder versus financial literacy yeah so
24:52
but we do have something that we're launching in feb that's perfect for anyone that is
24:56
25 or under and doesn't really have has missed that opportunity to learn in school so i don't
25:02
know if you know anyone of that age like either just left school just started uni send them the
25:06
curve podcast send them this and and they can just follow the show and they'll be notified when that
25:11
launches yeah because there is obviously a huge generation of people still who have already left
25:16
school or even in their last years of school or yeah they haven't been taught this um but that's
25:22
amazing yeah very very cool out of business yeah but that's the thing right like if they all become
25:29
teachers what at uk schools imagine if you could come to our class i would come you'd be teaching
25:35
yeah imagine us just with a room full of students right now i reckon i'd be a terrible teacher
25:39
we went to talk at a school in auckland and i was like now get out your phones and put a reminder
25:45
and they all just sat there and i was like oh they're not allowed phones at school
25:49
I was like
25:50
idiot
25:51
and we were like
25:52
god it was hard
25:53
to get them to concentrate
25:54
totally
25:54
it was their lunch break
25:55
and the last thing
25:56
I wanted to learn about
25:56
was KiwiSaver
25:57
I pretty sure I took treats
25:59
like I think I took a cake
25:59
or something
26:00
to try and bribe them
26:00
to listen
26:01
and still I was like
26:02
I felt like I was doing
26:03
gymnastics in front of them
26:04
and they were just
26:05
so bored
26:06
there was like one or two
26:07
and one was asleep
26:08
literally asleep
26:09
and I remember being like
26:11
oh gosh
26:12
and then we were
26:12
the feedback from the people
26:13
that had organised it
26:14
like the girls loved it
26:15
I was like
26:16
don't lie to me
26:17
yeah yeah yeah
26:18
They hated it.
26:19
Anyway, yes.
26:20
The earlier that you can learn this stuff, the better.
26:22
Sorry, I can't stop thinking about the school experience.
26:25
I felt like the really uncool older sister that was like so far past being cool that they weren't ever going to listen to me.
26:31
I felt like the first time, it was the first time I realized probably what a boomer felt like.
26:36
Do you know what I mean?
26:38
I was like, I promise I'm not that embarrassing.
26:40
I'm a cool mom, you know.
26:42
I kept trying to make jokes and stuff and then just nothing landed.
26:45
It was really bad.
26:46
When we were at school, we had backpacks on.
26:49
You know, they're just like, okay, cool, guys.
26:51
Hurry up.
26:51
This is my lunch break.
26:52
No, they were a lovely group of girls.
26:54
Yes, but the most disengaged people we've ever spoken to.
26:57
Just a quick update also on the Strava IPO.
27:00
We don't have a date yet, but just a little stat that we had the New York Marathon last week,
27:06
and it was the most attended ever for the New York Marathon.
27:10
There were 60,000 people, which, again, just plays into this whole running theme.
27:16
people are loving running and the flow and effect is they're loving Strava.
27:21
I wonder if, I mean, there's lots of reasons why everyone loves actually running,
27:27
running like run clubs have become such thing, all of that.
27:30
But also Pilates, yoga, fitness classes have become so unaffordable.
27:36
I mean, I would love to be going to Pilates.
27:39
I, there's no way, I can't even look at a Pilates studio.
27:41
It's just not in my budget.
27:43
Oh, there goes two pounds.
27:44
Oh, no, it's more like 40.
27:46
No, I mean like by just looking at it.
27:48
Yeah.
27:48
No, it's so expensive.
27:51
And I wonder if the boom in running is it's just it's easy.
27:54
It's quick.
27:55
You don't have to travel to a class.
27:56
It's free.
27:57
It gets you outside.
27:58
You have the community element.
28:00
Yeah.
28:01
And then also we have had the biggest exodus in people leaving New Zealand in August ever.
28:10
What?
28:11
Ever.
28:12
Do you mean on holiday?
28:13
No, I mean permanently leaving.
28:16
74,000 people leaving little old New Zealand and 60% of those going to Australia.
28:24
And it's all because of the weak economy there, the cost, the rising cost of everything, the low wages, the opportunities are just way better overseas than right now.
28:37
And my heart breaks a little bit for New Zealand.
28:40
Don't worry, I'm coming home.
28:42
Just for a holiday.
28:43
Just for a holiday.
28:44
But like it is, I think New Zealand is such an amazing place to live.
28:47
It's such a beautiful country and I love everybody there.
28:50
But it is really hard to survive with low wages and expensive cost of living.
28:55
Totally.
28:55
When you're at the bottom of the world, food costs a lot to get there.
29:00
Like everything costs a lot to get there.
29:01
And it's, everything's so much more expensive in Australia.
29:04
It's quite scary in terms of if the economy is already struggling and then that many people are leaving.
29:09
Yeah.
29:09
Just like the talent to be able to attract people to be doing good work.
29:14
We've got a real issue.
29:16
Real issue.
29:17
Real issue.
29:17
But don't worry, coming home.
29:19
Actually, yeah.
29:19
Do you know what?
29:20
We are coming home.
29:21
If there's any brands, people who would like to work with us when we're home across Jan,
29:25
Feb, March, get in touch.
29:27
In a couple of days' time, we have a very exciting podcast.
29:30
It is from Nat from Google.
29:32
And we released this in the club earlier, and it went down an absolute treat.
29:36
She talked about all things AI.
29:38
and she has actually said recently that Google has now started putting data centers in space,
29:45
which is insane because there's not enough room on earth.
29:47
So anyway, that's the kind of
29:48
conversation that we had with Nat.
29:50
If you want to hear it, it's absolutely incredible.
29:53
And
29:54
yeah, she's just, I kind of sat there and forgot I was interviewing, to be honest.
29:58
It was amazing.
29:58
I was quite sad to miss that conversation.
30:00
I wasn't a part of it, but yeah,
30:01
that's coming out in a couple of days.
30:03
So keep an eye out.
30:04
If you don't already subscribe to the
30:05
show can you hit follow and then you'll be notified every time an episode comes out okay bye
30:12
thank you so much for listening to the curve weekly make sure you hit the subscribe button
30:15
to stay up to date with all the money business stock market news and if you like what you heard
30:20
we would love a review thank you yes we would love a review but if you did hate it please
30:25
yeah don't leave one if you hate it no but in all seriousness could you please leave a review
30:30
because it really helps other people find our cute little podcast and we hope you have a good
30:34
week and see you next monday
30:35
Bye.
30:36
Bye.
30:38
Sweet.
30:38
Yeah.
30:39
See you next Tuesday.
30:40
Lol.
30:43
See you next Tuesday.
30:43
I mean Monday.
30:45
No, actually though.
30:46
New episodes out every Tuesday.
30:51
Okay, quickly.
30:52
The curve was created to empower and educate you about investing,
30:54
but we are not financial advisors.
30:57
Our platform exists for educational purposes only,
30:59
and it doesn't provide personalized investing advice for your individual needs
31:03
and should not be relied upon to make an investment or financial decision.
31:06
And always remember to do your own research before making any investment or financial decision.
31:11
We're here for any knowledge and support you need, but the final call is always yours.
31:15
And thanks for being here.
31:16
You got this.
31:17
Yeah, we know you got this.
31:18
I'm Vic Harris, an ex-financial expert.
31:21
Oh, sorry.
31:22
Wow.
31:23
Welcome to the Curve Weekly, our podcast where we...
31:27
I was going to say where we read the news, but I'm like, it's where you read the news.